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CoinTasker (OP)
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May 05, 2017, 08:22:48 AM |
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Am I the only one realizing that ~$1 fee to make a transaction is absolutely insane and defeats one of the core benefits of using bitcoin for daily transactions.
This is getting insane and is completely uncalled for, or am I wrong?
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Pursuer
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Where is my ring of blades...
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May 05, 2017, 08:28:49 AM |
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You are not wrong but you are not right either! because fees are still $0.4-$0.6 (mostly because price has gone up a lot)
and if you ended up paying anything more than that, it means your transaction had a lot of outputs to spend and that is what caused your transaction size to grow 2 or 3 times in size compared to a normal 220 byte transaction and you as a result ended up paying 2 or 3 times more fee than normal fee.
I am not saying fees have not gone up. I am more pissed off about higher fees as the next guy but it is not $1.
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pawel7777
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May 05, 2017, 08:32:45 AM |
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$0.85 is not that much, most of my recent txs were above $1, and it could go way higher if your tx is of large size.
You're not the only one having a problem with this. Some want to increase max block size to reduce confirmation/fees, some want to push most txs off-chain (Lightning Network/Sidechains).
But don't expect changes anytime soon.
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pedrog
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May 05, 2017, 08:37:31 AM |
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You are wrong because fees are still $0.4-$0.5
and if you ended up paying anything more than that, it means your transaction had a lot of outputs to spend and that is what caused your transaction size to grow 2 or 3 times in size compared to a normal 220 byte transaction and you as a result ended up paying 2 or 3 times more fee than normal fee.
I am not saying fees have not gone up. I am more pissed off about higher fees as the next guy but it is not $1.
http://coincap.io/Average Fee $1.61 https://btc.com/stats/unconfirmed-txThe current best transaction fees 199 Satoshis/byte | 0.00199 BTC/KB 0.00199 = 3.19 USD https://bitcoinfees.21.co/Which fee should I use? The fastest and cheapest transaction fee is currently 200 satoshis/byte, shown in green at the top. For the median transaction size of 226 bytes, this results in a fee of 45,200 satoshis (0.75 USD). Where did you get the "because fees are still $0.4-$0.5"? |
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freedomno1
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Learning the troll avoidance button :)
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May 05, 2017, 08:48:28 AM |
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Am I the only one realizing that ~$1 fee to make a transaction is absolutely insane and defeats one of the core benefits of using bitcoin for daily transactions.
This is getting insane and is completely uncalled for, or am I wrong?
No your right but for some reason I feel this post will be entombed in posterity for and looked on as the before times someday. In other words either this fee will be seen as really cheap someday in the future presuming we can't consensus or someone will smile and remember the olden days when fees were this high for a bit ^^. The joke is now were looking like banking ... limited amount of txns ... |
Believing in Bitcoins and it's ability to change the world
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CoinTasker (OP)
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May 05, 2017, 09:11:04 AM |
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No your right but for some reason I feel this post will be entombed in posterity for and looked on as the before times someday.
In other words either this fee will be seen as really cheap someday in the future presuming we can't consensus or someone will smile and remember the olden days when fees were this high for a bit ^^.
The joke is now were looking like banking ... limited amount of txns ...
That's exactly right, in many instances it's actually more expensive than using the bank. In Coinbase, I went to send myself .01 BTC and the fee was 0.000542 BTC which is currently $0.86  |
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CoinTasker (OP)
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May 05, 2017, 09:14:49 AM |
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You are not wrong but you are not right either! because fees are still $0.4-$0.6 (mostly because price has gone up a lot)
and if you ended up paying anything more than that, it means your transaction had a lot of outputs to spend and that is what caused your transaction size to grow 2 or 3 times in size compared to a normal 220 byte transaction and you as a result ended up paying 2 or 3 times more fee than normal fee.
I am not saying fees have not gone up. I am more pissed off about higher fees as the next guy but it is not $1.
Where are you getting a $0.4 transaction fees? I'm not going to lie, I find that absolutely ridiculous as well. Fees should be a fraction of a cent if you ask me, but hell what do I know. |
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Pursuer
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Where is my ring of blades...
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May 05, 2017, 09:16:49 AM |
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http://coincap.io/Average Fee $1.61 https://btc.com/stats/unconfirmed-txThe current best transaction fees 199 Satoshis/byte | 0.00199 BTC/KB 0.00199 = 3.19 USD https://bitcoinfees.21.co/Which fee should I use? The fastest and cheapest transaction fee is currently 200 satoshis/byte, shown in green at the top. For the median transaction size of 226 bytes, this results in a fee of 45,200 satoshis (0.75 USD). Where did you get the "because fees are still $0.4-$0.5"? the numbers you are quoting are fee per byte not fee. if you don't do Address reuse and don't receive a lot of dust inputs from things like faucets and microjobs then your wallets stays clean of dust and when you want to spend bitcoin your transaction size will be about 220 byte (give or take). and with a 199 Satoshis/byte fee your total fee would be 43780 satoshi and that is $0.7 with the current $1600 (my calculation was with a lower bitcoin price because I forgot to check the current price of today! and $1600 was reached today) in any case it is still not $0.85 and not $1 and not $1.61 or $3.19 |
Only Bitcoin
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paul gatt
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May 05, 2017, 09:19:30 AM |
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Am I the only one realizing that ~$1 fee to make a transaction is absolutely insane and defeats one of the core benefits of using bitcoin for daily transactions.
This is getting insane and is completely uncalled for, or am I wrong?
Bitcoin prices are rising dramatically, which makes the amount of money you pay for transactions grow faster, which is proportional to the bitcoin value. So, this is not really crazy, I suppose it's perfectly normal. Not just you, we all have to accept that. |
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LoyceV
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Thick-Skinned Gang Leader and Golden Feather 2021
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May 05, 2017, 09:22:55 AM |
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It is indeed absolutely rediculous.
Miners earn $120,000 per hour from Block Rewards, and on top of that they get $10-20,000 in fees. Give or take $3 million per day.
What we need, is bigger blocks, so Bitcoin can grow. If this ever happens, I expect the price to go up a lot. Bitcoin can't handle more users without more transactions.
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NikS13
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May 05, 2017, 09:25:22 AM |
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Yep i find it rediculous too, i don't think this way new people to crypto will start using btc anymore..
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phatsphere
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May 05, 2017, 09:26:39 AM |
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Use the lowest one where the lower bound for the block time is still 0. |
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CoinTasker (OP)
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May 05, 2017, 09:28:00 AM |
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Bitcoin prices are rising dramatically, which makes the amount of money you pay for transactions grow faster, which is proportional to the bitcoin value. So, this is not really crazy, I suppose it's perfectly normal. Not just you, we all have to accept that.
Are you saying the actual fee in BTC has not changed at all, only the price of BTC? I actually don't know if that's true or not and am very curious. I thought the fee in BTC had also risen, no? |
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talkbitcoin
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All I know is that I know nothing.
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May 05, 2017, 09:38:38 AM |
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Bitcoin prices are rising dramatically, which makes the amount of money you pay for transactions grow faster, which is proportional to the bitcoin value. So, this is not really crazy, I suppose it's perfectly normal. Not just you, we all have to accept that.
Are you saying the actual fee in BTC has not changed at all, only the price of BTC? I actually don't know if that's true or not and am very curious. I thought the fee in BTC had also risen, no? compared to other similar times (meaning when there is a big spam attack going on and mempool is as big as 70 MB) then no fees in bitcoin have not gone up it is still around 200-220 satoshi per byte but fees in USD have gone up because the same 200 satoshi is worth 50% more now! but compared to other times when there is no spam attack and mempool is a normal ~2 MB and fees are 50-100 satoshi per byte then yes fees in both bitcoin and USD have gone up. |
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ice18
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May 05, 2017, 09:40:47 AM |
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I think this is not too ridiculous considering bitcoin is in its all time high value at this moment and continue to rise day by day, you can customize the fees in some desktop wallet like mycelium if you want but expect it may take time to confirm from 1-4 days..
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CoinTasker (OP)
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May 05, 2017, 09:43:29 AM |
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compared to other similar times (meaning when there is a big spam attack going on and mempool is as big as 70 MB) then no fees in bitcoin have not gone up it is still around 200-220 satoshi per byte but fees in USD have gone up because the same 200 satoshi is worth 50% more now!
but compared to other times when there is no spam attack and mempool is a normal ~2 MB and fees are 50-100 satoshi per byte then yes fees in both bitcoin and USD have gone up.
I mean, I completely understand that as the value of BTC rises, so does the value of a fee that is constant. But I was under the impression thee fees had been rising as well. Thanks for the clarification. |
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CoinTasker (OP)
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May 05, 2017, 09:48:49 AM |
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I think this is not too ridiculous considering bitcoin is in its all time high value at this moment and continue to rise day by day, you can customize the fees in some desktop wallet like mycelium if you want but expect it may take time to confirm from 1-4 days..
So, if BTC was currently valued at $20,000 you wouldn't have a problem paying $10 for every transaction you make, no matter how much was being transacted? The problem I am really seeing is that it's becoming impossible to make smaller transactions for daily purchases. At this point we can forget about using bitcoin as an every day currency because it's cheaper to buy things like a cup of coffee with a debit card or cash. It makes it less usable in the real world and I can see it detracting companies and investors from developing new tools, apps, and solutions because it's no longer cost efficient. |
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ralle14
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Metawin.com
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May 05, 2017, 09:49:43 AM |
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Where did you get the "because fees are still $0.4-$0.5"?
Maybe he's using the web wallet from blockchain. The wallet sometimes suggests you to send a miner fee of 0.00027 btc ($0.45) I stopped trusting their recommended fees because sometimes my transaction size could be above 500bytes. http://prntscr.com/f4d4tp |
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pedrog
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May 05, 2017, 09:54:10 AM |
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http://coincap.io/Average Fee $1.61 https://btc.com/stats/unconfirmed-txThe current best transaction fees 199 Satoshis/byte | 0.00199 BTC/KB 0.00199 = 3.19 USD https://bitcoinfees.21.co/Which fee should I use? The fastest and cheapest transaction fee is currently 200 satoshis/byte, shown in green at the top. For the median transaction size of 226 bytes, this results in a fee of 45,200 satoshis (0.75 USD). Where did you get the "because fees are still $0.4-$0.5"? the numbers you are quoting are fee per byte not fee. if you don't do Address reuse and don't receive a lot of dust inputs from things like faucets and microjobs then your wallets stays clean of dust and when you want to spend bitcoin your transaction size will be about 220 byte (give or take). and with a 199 Satoshis/byte fee your total fee would be 43780 satoshi and that is $0.7 with the current $1600 (my calculation was with a lower bitcoin price because I forgot to check the current price of today! and $1600 was reached today) in any case it is still not $0.85 and not $1 and not $1.61 or $3.19 Well, if the world was perfect I'll be dating Taylor Swift. Coincap shows average fee in USD for latest block, when I posted that it was $1.61. If fee start to be a problem people can always move to litecoin for those particular transactions, there's pleanty o room for growth there, fees are still very low. |
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mmo_online_1981
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May 05, 2017, 09:54:19 AM |
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Am I the only one realizing that ~$1 fee to make a transaction is absolutely insane and defeats one of the core benefits of using bitcoin for daily transactions.
This is getting insane and is completely uncalled for, or am I wrong?
At the present time, the BTC transaction fee is slightly higher so that small transactions can be carried out. Hopefully, it will be improved in the future with the strength of the community. |
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